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How to Complete a Schedule C (1040) Form for a Limited Liability Company

Obtain the Schedule C (1040) Form

1.

Acquire the Schedule C 1040 tax form from the government. Call (800) TAX-1040 to request an official form (and instruction booklet), or visit the IRS Web site (see the Resources section below).

2.

Use the IRS Tax Products CD, which provides helpful information such as current forms, frequently asked questions and instructions. You'll pay a fee for this service.

3.

Call (877) CDFORMS to obtain the disk.

Complete a Schedule C (1040) Form for a Limited Liability Company

1.

Collect the necessary information for the Schedule C 1040 form. You will need the limited liability company's employer identification number (EIN) for line D. If you are a single-member LLC, you are not required to have an EIN, so leave that line blank.

2.

Fill out the basic details of the LLC, such as the name, address (no box codes) and zip code.

3.

Enter your income, including gross receipts or sales, returns and allowances, cost of goods sold and other income (such as a fuel tax credit). Follow the instructions on the form for calculating the income.

4.

List the company expenses such as advertising, car and truck operating costs (fill out section IV for vehicles) and insurance (outside of health). Total the expenses on the line indicated. List the company's profits and losses. If you have a loss, you must attach form 6198. Follow the instructions for calculating indicated on the form.

5.

Enter the cost of goods sold (follow the instructions for adding lines).

6.

Attach the Schedule C (1040) form to your personal 1040 form.

7.

File the form with the IRS by mailing it to the address indicated.

Tips and Warnings

  • LLCs must file a Schedule C 1040 form by April 15. If your LLC has expenses of less than $5,000, you can file a Schedule C-EZ in place of the Schedule C.
  • Depending on the LLC's structure, you may need to file other forms along with the Schedule C, such as a Schedule E for supplemental income and losses.
  • If the LLC files after April 15, it could incur interest charges on the taxes not paid by the due date, even with an extension.
  • The LLC can incur other penalties for late filing, late payment or a "frivolous return," which contains considerably incorrect tax information.


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